IMHO, this is even worse. Deploy the reserve and the reserve PC pops out but there may not be enough descent or forward drive to inflate the damn thing and enable it to pull anything out. So, now you have a reserve PC dangling underneath you...not good.

So here, IMO, a transfer is not a good idea. Go ahead and cut first, then deploy. Your rate of descent will increase to the point of inflating the reserve PC when it pops out and you get what you get after that.

At 800 ft, the likelihood of a decent reserve inflation is high probability. Not guaranteed but high nonetheless.